Abstract We decompose earnings risk into contributions from hours and wage shocks. To distinguish between hours shocks, modeled as innovations to the marginal disutility of work, and labor supply reactions to wage shocks, we formulate a life‐cycle model of consumption and labor supply. For estimation, we use data on married American men from the Panel Study of Income Dynamics. Permanent wage shocks explain 31 percent of total risk, permanent hours shocks 21 percent. Progressive taxation attenuates cross‐sectional earnings risk, but its life‐cycle insurance impact is much smaller. At the mean, a one‐standard‐deviation hours shock raises lifetime income by 11 percent, a wage shock by 13 percent.
{"title":"Hours risk and wage risk: repercussions over the life cycle<sup>*</sup>","authors":"Robin Jessen, Johannes König","doi":"10.1111/sjoe.12532","DOIUrl":"https://doi.org/10.1111/sjoe.12532","url":null,"abstract":"Abstract We decompose earnings risk into contributions from hours and wage shocks. To distinguish between hours shocks, modeled as innovations to the marginal disutility of work, and labor supply reactions to wage shocks, we formulate a life‐cycle model of consumption and labor supply. For estimation, we use data on married American men from the Panel Study of Income Dynamics. Permanent wage shocks explain 31 percent of total risk, permanent hours shocks 21 percent. Progressive taxation attenuates cross‐sectional earnings risk, but its life‐cycle insurance impact is much smaller. At the mean, a one‐standard‐deviation hours shock raises lifetime income by 11 percent, a wage shock by 13 percent.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135840231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Scandinavian Journal of EconomicsVolume 125, Issue 3 p. 551-552 Original Article The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2022 First published: 26 July 2023 https://doi.org/10.1111/sjoe.12536Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL No abstract is available for this article. Volume125, Issue3July 2023Pages 551-552 RelatedInformation
{"title":"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2022","authors":"","doi":"10.1111/sjoe.12536","DOIUrl":"https://doi.org/10.1111/sjoe.12536","url":null,"abstract":"The Scandinavian Journal of EconomicsVolume 125, Issue 3 p. 551-552 Original Article The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2022 First published: 26 July 2023 https://doi.org/10.1111/sjoe.12536Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL No abstract is available for this article. Volume125, Issue3July 2023Pages 551-552 RelatedInformation","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135607791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Brendan Epstein, Alan Finkelstein Shapiro, Andrés González Gómez
Abstract Amid growing work on the link between firm creation and cyclical housing‐market dynamics, we document a significant, positive, and robust cross‐country relationship between the level of new firm creation and the cyclical volatility of house prices. Using a business‐cycle model with endogenous firm entry, housing, and housing‐finance constraints and shocks, we show that, via general equilibrium effects, greater average firm entry can be a powerful amplification mechanism of housing‐finance shocks. These shocks and constraints play a key role in quantitatively rationalizing the link between firm creation and house‐price volatility across countries.
{"title":"Firm creation, entry costs, and house‐price volatility<sup>∗</sup>","authors":"Brendan Epstein, Alan Finkelstein Shapiro, Andrés González Gómez","doi":"10.1111/sjoe.12517","DOIUrl":"https://doi.org/10.1111/sjoe.12517","url":null,"abstract":"Abstract Amid growing work on the link between firm creation and cyclical housing‐market dynamics, we document a significant, positive, and robust cross‐country relationship between the level of new firm creation and the cyclical volatility of house prices. Using a business‐cycle model with endogenous firm entry, housing, and housing‐finance constraints and shocks, we show that, via general equilibrium effects, greater average firm entry can be a powerful amplification mechanism of housing‐finance shocks. These shocks and constraints play a key role in quantitatively rationalizing the link between firm creation and house‐price volatility across countries.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136261105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Banks and financial crises: contributions of Ben Bernanke, Douglas Diamond, and Philip Dybvig*","authors":"Zhiguo He, Yunzhi Hu","doi":"10.1111/sjoe.12535","DOIUrl":"https://doi.org/10.1111/sjoe.12535","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46030963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We study the market response to firm‐specific demand shocks in a natural experiment setting. In 2006, a boycott of Danish products in several Arab countries was devastating for Danish cheese products firms. In Saudi Arabia, their market share collapsed from 16.5 percent in January to below 1 percent in March, and never fully recovered; by 2009, it was 6.3 percent. By analyzing micro‐level (scanner) price and sales data, we find the following. (i) Danish firms lowered prices but kept the product mix the same. (ii) Non‐Danish firms kept prices constant but changed their product mix by introducing new products and new product bundles. (iii) Non‐Danish firms chose to introduce products that were similar to the Danish products in characteristic space in order to compete head‐to‐head. We complement the analysis with a theoretical framework that helps to account for our main findings.
{"title":"Micro‐responses to shocks: pricing, promotion, and entry<sup>*</sup>","authors":"Alexis Antoniades, Sofronis Clerides","doi":"10.1111/sjoe.12527","DOIUrl":"https://doi.org/10.1111/sjoe.12527","url":null,"abstract":"Abstract We study the market response to firm‐specific demand shocks in a natural experiment setting. In 2006, a boycott of Danish products in several Arab countries was devastating for Danish cheese products firms. In Saudi Arabia, their market share collapsed from 16.5 percent in January to below 1 percent in March, and never fully recovered; by 2009, it was 6.3 percent. By analyzing micro‐level (scanner) price and sales data, we find the following. (i) Danish firms lowered prices but kept the product mix the same. (ii) Non‐Danish firms kept prices constant but changed their product mix by introducing new products and new product bundles. (iii) Non‐Danish firms chose to introduce products that were similar to the Danish products in characteristic space in order to compete head‐to‐head. We complement the analysis with a theoretical framework that helps to account for our main findings.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135360206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Experienced versus decision utility: large‐scale comparison for income‐leisure preferences","authors":"Alpaslan Akay, O. Bargain, H. X. Jara","doi":"10.1111/sjoe.12538","DOIUrl":"https://doi.org/10.1111/sjoe.12538","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47849452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Roxanne J Kovacs, Maurice Dunaiski, Janne Tukiainen
{"title":"The effect of compulsory face mask policies on community mobility in Germany","authors":"Roxanne J Kovacs, Maurice Dunaiski, Janne Tukiainen","doi":"10.1111/sjoe.12537","DOIUrl":"https://doi.org/10.1111/sjoe.12537","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49436419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Transnational crimes: how nations should cooperate and why they don’t","authors":"M. Baç","doi":"10.1111/sjoe.12534","DOIUrl":"https://doi.org/10.1111/sjoe.12534","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45714268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Unfair inequality and growth","authors":"G. A. Marrero, Juan Gabriel Rodríguez","doi":"10.1111/sjoe.12531","DOIUrl":"https://doi.org/10.1111/sjoe.12531","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45919043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Scandinavian Journal of EconomicsVolume 125, Issue 2 p. 317-320 Editorial Editors' Report First published: 18 May 2023 https://doi.org/10.1111/sjoe.12533Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Volume125, Issue2April 2023Pages 317-320 RelatedInformation
斯堪的纳维亚经济学杂志第125卷，第2期p. 317-320编辑编辑报告首次发布:2023年5月18日https://doi.org/10.1111/sjoe.12533Read全文taboutpdf ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare给予accessShare全文accessShare全文accessShare全文accessShare请查看我们的使用条款和条件，并在下面的复选框中分享文章的全文版本。我已经阅读并接受了Wiley在线图书馆使用共享链接的条款和条件，请使用下面的链接与您的朋友和同事分享本文的全文版本。学习更多的知识。复制URL卷125,Issue2April 2023页317-320相关信息
{"title":"Editors' Report","authors":"","doi":"10.1111/sjoe.12533","DOIUrl":"https://doi.org/10.1111/sjoe.12533","url":null,"abstract":"The Scandinavian Journal of EconomicsVolume 125, Issue 2 p. 317-320 Editorial Editors' Report First published: 18 May 2023 https://doi.org/10.1111/sjoe.12533Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Volume125, Issue2April 2023Pages 317-320 RelatedInformation","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135628897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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